First of all, BITCOIN IS NOT MADE TO REPLACE MONEY.
It has a set number of created or 'minted' coin, 21million. That immediately tells you that there will never be enough Bitcoin to ever be used as a transaction coin.
Not only is it they're not enough to use it as a transaction coin, but it wasn't designed as a transaction coin, therefore it has extremely high rates to send the coin.
Ergo, an ASSET coin.
There are cryptocurrencies however that are specifically designed to be transaction coins. No one cryptocurrency though could ever hope to replace fiat cash, because the value of having physical over digital is never going to be outweighed. The only value in a cryptocurrency they're truly is the value the users give it, in the value in which the encryption and the limited supply of the coin provide.
If you think of them more as specialized game currencies, and they are only used within a platform, but it can be used like real money.
Now we do know criminals are using this TRANSPARENT LEDGER, AND NO AMOUNT OF FUNDS SHUFFLING CAN HIDE THAT YOU ARE MOVING MONEY. THEY WILL BE CAUGHT INEVITABLY, THERE IS NO WAY ATOUND THAT. Cryptos that are made to hide the ledger, I know less about, but since all transactions have to exist in some sort of network where everything is being recorded, no bit of information is ever technically inaccessible.
Banks made Ripple. Bitcoins' creator is anon, and has never surfaced. Anyone could try to take that claim to fame, but there is evidence and records in forums about the creator, and conversations with the creator about its purpose which is to show that money could be decentralized.
Right now, miners all over the world have been COMPETING with CHINA to make sure they never gain 51% of the network! THEY COULD THEN CHANGE BITCOIN HOW EVER WAY THEY WANT!
Bitcoin is an open source project that can only have changes made when people agree on them! If you want to voice a change, you presented to the community, and it's up to the community to transfer over to that, if you fail to have 51% of the community follow after, that means you create a fork of the coin instead and it's value could be nothing.
I will do the best to answer questions, but I spent my time search Bitcon and cryptos in 2017, so I could be a smidge out of date with other replies, but what I say in this particular post is the core of most crypto and Bitcoin discussion in the crypto communities.
Awesome post! I think most people hear crypto and acquate it with bitcoin. While bitcoin is a crypto, other cryptos are how upcoming tech companies crowd source for their projects. Really, you are investing in a "stock" where you believe the technology that company is developing is going to be the next big thing. Not to say that there aren't meme coins, but it's essentially like investing in a company like Starlink, where instead of holding stock, you hold coin.
Someone fucking gets it, thank you.
Most of us are - in good faith - trying to get it.
Immutable distributed digital ledgers are a fascinating technology. It enables properties of the physical world to be emulated in the electronic world (e.g. no double spending, etc.).
While I do not claim to be an expert, in fact I am retarded, and while challenges/pitfalls/obstacles abound, we should continue to strive to expand our thinking since the thinking that caused many problems we face is unlikely to solve them.
There is a time to be centralized, but that requires trust (or coersion). The question is how do we (re)cultivate and maintain trust after so many central authorities have betrayed our trust?
Many of the counter points I've seen in the theead so far are illogical (criminals use fiat, weapons, drugs, and slaves more as currency that they use BTC) or rely upon the fallacy of being able to read another's mind (you pursue this tech because you are greedy).
All that needs to be said right there.
Have fun funding shit like this https://cryptobriefing.com/sex-industry-bitcoin-only-option/ 'crowdsource' puppets.
The words of Donald J. Trump:
Every last one of you - enlisted by your greed to fund Jack Dorsey. https://bitcoinmagazine.com/culture/the-jack-dorsey-bitcoin-interview
Be proud of how "incredible" you are to the Satanist pedophile. :)
So if someone bad likes something or someone that makes it / them bad by proxy?
That's not logic.
Likes?
He fucking owns it.
And he owns some whirlpool appliances, some Adidas socks, some Goodyear tires, some energizer batteries. Are those things bad too now?
Hitler liked to paint. It doesn't make painting bad.
Super basic logic kiddo.
Wrong, dipshit. Owns = Controls.
The simple fact is, you don’t listen to Trump. Just like the rest of the greedy piss soaked Bitcoin rats that peddle their investment strategies here.
How much Dorsey dick will you people suck until you figure out what game you’re playing?
First off rude. Reported.
Secondly you have exactly zero evidence to support your claim. I've been utilizing Bitcoin and other cryptocurrencies now for almost 10 years and in all that time I've never even heard this ridiculous position that you just put forward.
Lol.
I can post links all day, and I already did (you ignored because you have an agenda). Go ahead and piss and moan "reported" like a worthless pussy, because POTUS doesn't agree with you. Trump himself, who we fucking listen to on this website, said Bitcoin is a fucking scam. Makes easy sense knowing Jack Dorsey, Jay-Z and Twitter are bankrolling the crypto.
Trump is right. You're wrong. If you have a problem with me telling you that, get fucked. I'll keep posting facts that back up my words while you don't do shit (except attempt censorship against those that agree with our President Donald J. Trump, apparently - in which case you are a traitor this Nation).
That's one use, by no means the only one.
Don’t sell your gme to buy crypto.
Hold the line
Thanks for posting this. I've been deep into cryptos since a bit before you and agree. I'm not down on Blockchain or crypto in theory, but Bitcoin does have some flaws addressed in newer, second or third-gen cryptos.
You hit on problem #1 very succintly- it's more like a stock than transactional. And it behaves like a penny stock which makes it more speculative than a stable value store.
Big problem 2 was touched on in the comments, and that's the distribution of proof-of-work. For any one entity to seize quorum is a real issue, doubly so if its an enemy like China.
I think that, even though BTC is not the solution, eventually there will be a crypto that hits all the checkboxes both as a currency and a security. And it will not be something controlled by a central bank or government.
Thank you. Agreed.
I agree mostly, but actually disagree with your suggestion about Bitcoin not intending to be money. It is Satoshis original vision. Yes there are finite Bitcoins but you can trade 0.00023 etc it doesn't have to be whole Bitcoins. Yes the fees to send are prohibitive when the mempool is high, but this will be solved in time, I hope. If not, another coin will indeed take over.
As a crypto researcher I'm well aware of all this, but it's literally not built to be a transaction coin, Bitcoin was just an idea when it was developed, and it's the first of its kind ever developed, but to think that it's the end all be all for the future of money is a little off landish because it would need a lot of altering for it to be a successful crypto.
That's was about when I dropped off my research. Life got in the way.
Have you read Satoshi's white paper?
Never in it's entirety. Realize that's a weird thing to skip....and I just never circled back. Probably should.
Okay so aside from the complicated mathematical explanation portion, I'm pretty familiar with the content of the white paper. ?
Oh yeah the double spending start...
the key thing is that Satoshi did intend it to be used as cash. Thats why BitcoinSV forked, Bitcoin SV = Bitcoin Satoshi's Vision
Thanks for the insight. ?
Well as I just said, Bitcoin itself is an asset not really meant to be spent as a currency. Others will be...but only for their platform and with whom they have agreements with.
Sell it, while you can.
It doesn’t have to go in a US bank account. Just ask Iran. Or Mexican cartels. There is no currency on earth that supports more illegal activity than the dollar. It’s not even remotely close.
Odd how everyone that shills for it, already owns some
Hilariously I love to speak for crypto but own less than $1000. I like the idea in the design of blockchain technology for cryptocurrency, but honestly it is just a suspicious as everybody claims it to be.
Username checks out
Do you have an opinion on tethers, particularly leveraged tethers? There's a theory going around that there's a huge short/bubble based primarily on leveraged tethers, just waiting to pop.
Aside from that, blockchain is awesome.
I won't even mess with USDT. It brings me a lot of concern because I don't know anything about it, other than that they don't even have the value of the US dollar to support it.
The concern is that it's a big naked short, and that the people selling can disappear without accountability.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
I'm curious what your definition of crypto is. Is it anything with blockchain? Or is it any government-independent token system?
Ripple is blockchain accountability, but uses inflatable uncontrolled (by the Ripple folks) currencies. Most others seem to be simply distributed accountability and authentication systems, with or without a coin. In all cases, the variables seem to be ruleset flexibility, ownership, and threshold usage for viability.
Secure, decentralized accounting has usefulness even if there is no currency attached to it. Regardless of the term's origin, that's what it means today.
Fiat and Cryptocurrency. Two sides of the same "coin". Both markets are still manipulated by the same people.
I have looked into bitcoin now and again. I'm not sure what to think about it .. I will say the dollar ( our current federal reserve note ) is going down
For now I'll stick with gold and silver yea yea the reserve can manipulate it some what. But in my life I haven't even seen it drop anything major Maybe a bit here and bit there but over all it's gone up ..or the dollar has gone down. How ever you measure it.
Crypto is a total scam.
Getting people to pay money for something that doesn't exist.
Almost as good as Satan convincing the world he doesn't exist.
I've witnessed several coworkers lose their 401ks and savings due to crypto "investments".
Capital gains taxes coupled with the "wallet" service fee charges to take your money back out.... Why the fuck would anyone settle for 20-30% payout of their "investment".
Bitcoin was made to be money.
Blockchain is a merkle tree data structure. By design, every time you double the amount of transactions in a block, it costs you 1 more verification operation when you validate data between nodes.
Bitcoin died when Segwit became the direction. Segwit became the direction because Gregory Maxwell's and Adam Back take millions in investment and built proprietary software that only worked if people like you bought into the bullshit narrative.
Bitcoin is the best form of money/currency that has ever been invented. Your misinformation is why Ethereum will takeover in the next couple cycles.
As I've heard. But anon is anon still, and a user name with a translation still isn't grounds for me to be swayed. Maybe one day something decisive comes out, I'd like to know the truth.
Investing is nice, but I am in it for the tech. Blockchain is the future of management.
The last time I was really involved there were tons of cool tools. Stuff for artists and digital art, and record keeping for antiques/art, I guess really what I am saying is that you would just have to look. It just doesn't have to be just 'money'.
There are also games and apps that can run off of the technology.
As in CIA?
Bitcoin is garbage.
The only one that might have a real future is ETH and that’s pretty questionable.
And we only say that because eth is required for the transactions of tokens....
Etherum was created by an outspoken pedo leniency advocate.
Anyone who owns ETH is supporting that creep's agenda whether they knew about his "activism" or not.
Donald Trump publicly speaks out against Bitcoin. OP and others keep shilling their copium.
Does interest me a lot that he isn't a fan. Though he wants to use blockchain for the social platform!!! Very interesting.
A surface level explanation could be that as an old man who is mostly in real estate, crypto isn’t his dance. I wonder if there’s more to it than that.
Never stop buying gold and silver bro.
Crypto fucks be like "Gold and silver are only valuable because you give it value! Same applies to cryptocurrency!!!"
Jack Dorsey certainly agrees.
https://www.cnbc.com/2021/06/04/twitter-and-square-ceo-jack-dorsey-focused-on-bitcoin-btc.html
In other words - Twitter is competing with the dollar using Bitcoin. THEY WANT TO REPLACE THE DOLLAR AS A FORM OF ONLINE TRANSACTION, THEREFORE REPLACING THE DOLLAR. PERIOD.
What's the best way to get a population invested in a product they can't even hold, to the point of religious devotion? What do you think the GPU "Mining rig" craze was all about? Since Crypto$hill "qstrategy" wanted to hit me for mentioning this old mining method that normies got into this craze with (and still use) - let's remind everybody that SALESMEN don't get to reverse history NOR replace FACT with their piss peddle terminology in order to attempt discredit and distraction -
https://beincrypto.com/learn/free-bitcoin-mining-in-2021/
https://paybis.com/blog/best-gpu-for-mining/
https://www.windowscentral.com/best-gpus-crypto-mining
https://cryptominertips.com/can-you-mine-bitcoin-with-one-gpu/
There is nothing worse than a LARP that exploits this movement as a target to sell his "investment" schemes. Go fuck yourself, "qstrategy," shill your bitcoin bullshit on Reddit.
A fucking top-wealth tech company could've done that without outside help from idiots running up their electric bills - yet it's a crowd-source method to generate interest from people looking for more income. So have fun paying your fucking miner fees, cryptofaggots, fund your own trap.
Cryptocurrency is the means through which Corporations - who use crowdsourced retards to boost the value of their coins beyond what they themselves invest (https://bitcoinmagazine.com/culture/the-jack-dorsey-bitcoin-interview and https://eng.ambcrypto.com/jack-dorseys-square-buys-50-million-worth-of-bitcoin/) to enable control over their own 'alternative currency,' by which they can fund under-the-table projects and hack/scam what they need through the numerous proxies that infest this disgusting marketplace.
Why was the FBI able to seize ANYTHING? "Faulty password storage." Did you know the FBI is one of the biggest shareholders in Bitcoin? https://www.pcmag.com/news/feds-seize-1-billion-in-bitcoin-tied-to-dark-web-marketplace-silk-road
That's not even the first time either - https://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/?sh=3bc4920c2765
Seeing how hard this bullshit scam is marketed, especially in places like this, where we're pretty much FOCUSED on what Donald J. Trump says, is a red flag when Donald J. Trump is coming out against cryptocurrency. These people are infiltrators and salesmen - they should be treated as any other PAYTRIOT is treated - bend them over your knee and beat their ass purple.
Donald J. Trump has very specific thoughts on Bitcoin - https://www.youtube.com/watch?v=7k6z-W1KTOs&t=4s
Further?
When is our President wrong? But Crypto is good, right?
Buying into this crypto bullshit is a great way to boost the Net Worth of the corporations that facilitate the sell-out and betrayal of our country, the sexual trafficking of the world's women and children, and proxy cyber attacks that occur CONSISTENTLY against our nation's infrastructure to further their portfolio, and by extension, power; https://www.forbes.com/sites/jasonbrett/2021/06/07/us-recovers-millions-in-bitcoin-paid-during-the-colonial-pipeline-attack/
Beware the Cryptophiles.
Way more in the loop than me. And I agree it's wrong to replace the dollar. Fuck that.
Deepstate realized it could be used for evil. And fuck that entirely.
I am VERY fucking proud of you. Too many are so entrenched in Bitcoin and crypto in general, that the only option left is drilling information like this to wake... them... up.
Could you give us your opinion on when decentralization may be useful?
Threats of violence and FOMO notwithstanding how exactly can trust in a central 'authority' be cultivated and maintained?
Why do you trust some private corporations (Federal Reserve) and not others (tech giants)?
Decentralize is suppose to mean the power is out of the hands of the few....and in the hands of all? It is almost like a form of democracy? (I question myself because this is speaking without observing a literal definition)
You are correct. And when do you think that can be useful?
Well, upholding a network that makes it overwhelmingly challenging to hack due to the vastness, not even just for cryptos, sounds like a good way to secure, perhaps....a voting blockchain?
Or simply fully transparent, to avoid cheating/counterfeit.
Because the dollar can’t be used for evil right ??
Cryptophile here. You carry on letting inflation take your worth away and relying on centralised banking systems while we prepare the future.
You can print those 0s and 1s out on paper and keep them wherever you want.
My statement is correct. You can hold Bitcoin on paper. You do of course need to return to the network to send it somewhere.
Yes. The world would be fucked if they did. I don't see that happening at all.
I literally just elaborated that it's not really good to use for transactions, and while there are coins that are made for transactions they're very limited for platforms.
I am not here to shill for crypto, I just think education is important. The idea of decentralized cryptos is to create currency, or ways to send value for less than going through 3rd party systems like PayPal where they take a huge slice of your value. It isn't meant to take over. It's just another tool, one that gives amazing transparency and a clear ledger of spending. If that scares you, maybe you aren't on the right website for truths.
Q told us to expand our thinking. It sounds like that is what you are trying to do. Q also said that shills whine. You do not sound like a whiner.